Ocular Therapeutix Private Placement Success

Ocular Therapeutix Secures $325 Million in Private Placement

Ocular Therapeutix has recently announced a significant milestone with its shares rising by 20% to $9. The company entered into a securities purchase agreement for a private placement, resulting in proceeds of $325.0 million. This surge follows the company's stock hitting a 52-week high of $9.75 and marking a 48% increase over the past year.

Investor Participation and Key Details

Both new and existing investors, including Venrock Healthcare Capital Partners, TCGX, Deep Track Capital, Perceptive Advisors, and Great Point Partners, have participated in this private placement. Ocular Therapeutix is selling 32.4 million shares at $7.52 per share and pre-funded warrants to purchase up to 10.8 million shares at $7.519 per pre-funded warrant.

The closing of the private placement is anticipated on Monday, aiming to expedite the clinical development of Axpaxli for treating wet AMD. This includes advancing its ongoing SOL-1 pivotal Phase 3 clinical trial and preparing for the SOL-2 Phase 3 clinical trial. Additionally, the funds will support the company's other clinical programs and general corporate purposes.

Leadership Reinforcement

Alongside this announcement, Ocular Therapeutix has made strategic leadership appointments. Pravin Dugel joins as the new executive chairman, Jeffrey Heier steps in as the chief scientific officer, and Sanjay Nayak assumes the role of chief strategy officer.

This development showcases Ocular Therapeutix's commitment to advancing innovative solutions in the biopharmaceutical industry, solidifying its position as a key player in the field.